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TSX Continues on the Move



Equities in this country hit a one-week high on Tuesday, boosted by gains in mining stocks due to rising metal prices, with investors keeping a close eye on the Bank of Canada’s Wednesday meeting for insights into the future path of its monetary policy.

The TSX Composite progressed 57.34 points, though off its highs of the morning, to break for lunch Tuesday at 20.981.64.

The Canadian dollar sank 0.07 at 74.12 cents U.S.

Among individual stocks, IAMGOLD Corp soared 41 cents, or 13.2%, to $3.52, to become the top gainer, after the company reported its fourth-quarter production figures on Monday.

Recreational products company BRP slid $5.44, or 5.8%, to $89.11 after it announced a bought deal secondary offering with RBC Capital Markets.

Investors look forward to the much-awaited Bank of Canada monetary policy meeting, due Wednesday, for the central bank’s direction on interest rate cuts.

The BoC is expected to leave its key overnight rate unchanged this time, but stubborn inflation has delayed the timeline for the first rate cut in almost four years.

Money market participants are now pricing in just over 22% chances of a cut in borrowing costs in March, while a majority of over 56% are expecting a cut in April.

ON BAYSTREET

The TSX Venture Exchange forged ahead 1.71 points midday to 553.02.

Seven of the 12 subgroups gained ground, led by materials, progressing 1.3%, gold, shining 1.2% brighter, while energy captured 0.7%.

The five laggards were led by communications, down 0.2%, while utilities and real-estate, declined 0.1% each.

ON WALLSTREET

The Dow Jones Industrial Average fell Tuesday, pulling back from record-breaking highs as traders poured through the latest batch of corporate earnings.

The blue-chip index dropped 165.88 points to 37,835.93, pressured by a 6% decline in 3M, which was under pressure on the back of disappointing guidance. Johnson & Johnson fell more than 1% after reporting earnings.

The S&P 500 index dipped 0.77 points to 4,849.66,

The NASDAQ inched 2.21 points to 15,362.50.

D.R. Horton dropped more than 8% after the homebuilder missed Wall Street’s consensus forecast for per-share earnings. General Electric slipped 1% on the back of weaker-than-expected guidance.

On the other hand, United Airlines rose more than 6% after reporting strong fourth-quarter results. However, the airline operator said it expects a first-quarter loss from the grounding of Boeing 737 Max 9 airplanes, the model involved in the Alaska Airlines emergency earlier this month.

Shares of other airline operators rose in tandem. American Airlines, Southwest Airlines and Alaska Air Group all climbed at least 3%, while Delta Air Lines added more than 2%.

Elsewhere, Verizon and Procter & Gamble helped mitigate losses for the Dow. Verizon gained more than 4% and P&G more than 5%, as investors bought in following the companies’ financial reports.

But investors are deliberating how long the gains can persist, especially as the rally this year has centered around tech stocks such as Nvidia, while broader participation has continued to disappoint.

Investors will be closely watching a slate of economic reports due out this week, including gross domestic product data on Thursday and the personal consumption expenditures prices on Friday. Both reports could provide insight into how central bank policymakers view monetary policy moving forward.

Prices for the 10-year Treasury flopped, boosting yields to 4.15% from Monday’s 4.10%. Treasury prices and yields move in opposite directions.

Oil prices slipped five cents to $74.71 U.S. a barrel.

Gold prices picked up $4.90 to $2,027.10.



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